A digital currency is venturing again, after the largest dump in its history


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After record highs of nearly 400% in a few days, the second largest meme chiba inu has suffered a violent bounce, losing nearly 40%.

However, these violent declines were caused by an active agent, and the actors are the small traders and speculators who own Sheba, as they turned to intensive selling operations to achieve a quick profit .

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According to data from the Santiment platform, SHIB has experienced the largest dump in the token trading history since its initial listing.

According to the data platform, the SHIB token received 250% pumping but later bounced 50% within two days, with the last 42% pumping out in one session.

The sellers, according to the chain's data, were SHIB micro-holders numbering between 1 and 10 million, with micro-wallets dumping more than 30 billion SHIB tokens directly into the market.

This was reflected in the prices, and led to great selling pressure on the famous currency.

 Due to the large number of leveraged positions in the market and rapid price increases, strong support areas were not present in the order books.

bounce

But after a quick bounce lower, purchasing power brought the price of the Shiba Inu meme back to its previous opening price with a growth of 22%. during the past hours.

According to Santiment's data, the 30 billion previously dumped Sheba tokens have been redistributed among "small traders", who are likely to have placed buy orders in the market after experiencing the asset's massive growth.

The data platform says the SHIB token remains a highly leveraged and volatile asset with the volume of derivative products remaining at very high levels.

A few days ago an abnormal number of leveraged positions were seen on SHIB trading pairs which could have accelerated a potential correction.

 Traders now seem to have lost interest in the asset somewhat, with trading volumes on Binance dropping from SHIB 240 trillion to just under 30 trillion.

Shiba now

It seems that the Shiba Inu is starting to regain momentum as trading volumes during those moments according to CoinMarketCap data rose to more than 4.7 billion dollars, while yesterday it reached 3.6 billion dollars.


 The Shiba Inu rises during those moments of Monday's trading by more than 20%, rising to levels of $0.0003201, and is leading the rises of the major currencies.

 Coinciding with the top rises today, Sheba leads the rise in billions of digital currencies within a week by more than 215%, while its market value is close to 12 billion dollars, and it is ranked 18th among digital currencies in terms of market value.

The Sheba was in a sharp rally following Elon Musk's tweet regarding the Sheba Fluke, which is also now up more than 5% at $0.00000000003 levels.

 In contrast, the largest dog meme, the Dogecoin, is declining by nearly 5%, down to $0.2334 levels, while rising by more than 8% within a week.

 Sheba's gains in the middle of last week have reached more than 250000% since the beginning of last February.

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